TMI Blog2019 (6) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... o borrowed funds have been utilized for making the investment and no new investments have been made during the year. Considering the totality of the facts of the case and in the interest of justice we deem it proper to restore the issue to the files of the Assessing Officer with a direction to verify the records properly and decide the issue as per fact and law after giving a reasonable opportu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctually no expenses as such were incurred to earn the tax exempt income on very old investments as against the amount of ₹ 31,780/- disallowed voluntarily by the assessee while ignoring the judgment of the Apex Court, facts, written submissions and evidences placed on record and rejecting the bonafide explanation of the assessee. Thus, the addition should be deleted. 3. Fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Rejecting the various explanation given by the assessee, the Assessing Officer made disallowance of ₹ 1,35,696/-. While doing so, he computed the disallowance u/s. 14A r/w Rule 8 D at ₹ 1,67,476/-. After deducting the amount of ₹ 31,780/- already disallowance by the assessee itself, the Assessing Officer made the disallowance of ₹ 1,35,656/-. 5. In appeal t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. PCIT Vs. Sintex Industries Ltd. 2018 TIOL-104-SC-IT 3. PCIT Vs. Sintex Industries Ltd. 2017-TIOL-104-SC-IT 4. PCTI Vs. Sintex Industries Ltd. 2017-TIOL-1025-HCAHM- IT 5. Maxopp Investment Ltd. Vs, CIT [2018] 91 taxmann.com 154 (SC) 9. The Ld. DR on the other hand heavily relied on the order of the CIT(A). 10. I ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee that no borrowed funds have been utilized for making the investment and no new investments have been made during the year. Considering the totality of the facts of the case and in the interest of justice I deem it proper to restore the issue to the files of the Assessing Officer with a direction to verify the records properly and decide the issue as per fact and law after giving a reasonable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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